Price (Php/kg)51015Total Cost ofproduction (Php)Average PriceAverage Quantityqs 1 (pc)51015801010qs 2 (pc)515352. Compute the net income or profit of Suppliers 1 and 2)net income or profit and the supply curve (?651018.33Qs (pc)1. In one figure, graph the two individual supply curves and the market supply curve (assume thatthe market only has two suppliers)What is the relationship between the

Supply and quantity supplied are different things. Price and quantity supplied are the positively…

Price (Php/kg) 5 10 15 Total Cost of production (Php) Average Price Average Quantity qs 1 (pc) 5 10 15 80 10 10 qs 2 (pc) 5 15 35 65 2. Compute the net income or profit of Suppliers 1 and 2) net income or profit and the supply curve (? 10 18.33 Qs (pc) 1. In one figure, graph the two individual supply curves and the market supply curve (assume that the market only has two suppliers) What is the relationship between the

Price (Php/kg) 5 10 15 Total Cost of production (Php) Average Price Average Quantity qs 1 (pc) 5 10 15 80 10 10 qs 2 (pc) 5 15 35 65 2. Compute the net income or profit of Suppliers 1 and 2) net income or profit and the supply curve (? 10 18.33 Qs (pc) 1. In one figure, graph the two individual supply curves and the market supply curve (assume that the market only has two suppliers) What is the relationship between the

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter14: Monopoly

Section: Chapter Questions

Problem 14.13P

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PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some
Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100
5. The quantity demanded of a certain brand of TV is 3000 per week when the unit price is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any TVs if the unit price is $300 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. Find (a) the demand function, (b) the supply function, (c) the equilibrium quantity and price.
Alex's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Alex produced eight fire engines, but he has decided to increase production to nine fire engines. The following graph shows the demand curve Alex faces. As you can see, to sell the additional engine, Alex must lower his price from $80,000 to $40,000 per fire engine. Note that while Alex gains revenue from the additional engine he sells, he also loses revenue from the initial eight engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $40,000. RICE (Thousands of dollars per fire engine) 78°F Sunny 200 180 F1 160 140 120 100 80 60 40 F2 -0- F3 0+ F4 Demand F5 Revenue Lost Revenue Gained OL…
es The table below depicts the demand for sunscreen at Daytona Beach. Demand for Sunscreen Price (dollars) $20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 Quantity (bottles) Total Revenue (dollars) 0 800 2,800 4,800 6,800 8,800 10,800 12,800 14,800 1222 Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. a. Fill in the total revenue column. b. When the price of a bottle of sunscreen decreases from $18.00 a bottle to $16.00 a bottle, what is the change in total revenue? $ c. When the price of a bottle of sunscreen decreases from $14.00 a bottle to $10.00 a bottle, what is the change in total revenue?
A person who has an addiction for a production will most likely have * an elastic demand for that product. an inelastic demand for that product. no demand for that product. an elastic supply for that product. a side siness providing copy machine services. The equilibrium price is the * price at which the market clears average price consumers are willing to pay. O price at which all consumers are satisfied. O price at which quantity supplied is maximized. O price at which all potential suppliers will sell.
The quantity demanded each month of russo Espresso Makers is 250 when the unit price is $140; the quantity demanded each month is 1000 when th e unit price is $110. the suppliers will market 750 expresso makers if the unit price is $60 or higher. At a unit price of $80 they are willing to market 2250 units Both the demand and supply equations are known to be liniear. A: Find the demand equation. B: Find the supply equation. C: Find the equilibrium quantity and the equilibrium price.
The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
4. You have been hired as a consultant to estimate the demand for various brands ofcoffee in the market. You are provided with annual price data for two years by U.S.state and the quantities sold. You want to estimate a demand function for coffeeusing this data. What problems do you think you will encounter if you estimatedthe demand equation by OLS?
13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 400 360 320 280 240 200 160 120 80 40 0 # 0 M Statement 40 80 W N + N +Y + N+ O 120 160 200 240 280 320 QUANTITY (Units) M 360 Between points V and W, curve NN is perfectly inelastic. Between points V and Y, curve 00 is inelastic. 400 Using the graph, complete the table that follows by indicating whether each statement is true or false. (?) Curve LL is more elastic between points V and X than curve OO is between points V and Y. True False O O
Price (dollars per bucket) 16 15 14 So 13 12 10 200 300 400 500 600 700 800 Quantity (buckets) The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from So to S1. The amount of this tax is per bucket of golf balls. O A) $3 B) $1 C) $2 O D) $4 %3D
What is the total surplus : Price 110 - Supply 100 a) 800 b) 1000 c) 1500 d) 2000 e) 2500 f) 3500 g) 5000 90 80 70 60- Demand 50 45 40 + 30 20 10 ++++++ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Duantity